Hardware Wallet Information

I've been trading Crypto for years but far from a knowledgable trader. I've learned most of my information through Forex Factory (now through Cryptocraft) and internet searches. But one thing I never researched was hard wallets. I figured a safe bet was Coinbase. Then I started trading harder to buy crypto like XRP (at the time Coinbase did not have it) and DOGE. I went with Bitsane after a CBS News article discussed how to buy XRP with them. THEN MY WORST FEAR....Bitsane disappeared with my XRP, DOGE and some BTC. Now I had no choice but to start the dauntless research of how to use a hardware wallet. I was sure this would be difficult, there was no way this would be user friendly for a novice, everyday person like myself.

A friend recommended I try the NANO Ledger S. So I ordered it off Amazon...simple. I received it, read the directions...simple. I transferred some crypto I had on an exchange...simple. It was simple and if only back when I started I had somewhere easy to understand the different hardware wallets I would have saved the crypto that was stolen through Bitsane.

So I'm starting this thread in hopes to hear from others what hardware wallets they use. Which ones they find most user friendly. I hope that a thread like this will help another "Newbie" to crypto trading to understand Hardware Wallets. Take it from me...do not leave your crypto on exchanges!

BITSANE! Irish broker exit scam if I remember correctly! Hopefully not too costly a lesson! That would SUCK. My condolences.

I use the Ledger S like you and am very happy. I took all my crypto off of Coinbase and moved it there. Aside from my trading capital that I keep on Bitfinex.

A friend has the Ledger X and seems to like it. It's not for me because it has a bunch of bells and whistles that I don't expect using.

Another friend of mine uses the Trezor and likes it better than the Ledger.

And yet another friend uses a USB stick, but I wouldn't do that. I lost $5 in BTC installing on a USB because now I can't figure out how to get it back! The software I used, Multibit HD, won't allow me to restore it for some reason. I think they changed their business model or something, and now I'm out. That $5 is like $20 now, lol.

Wise words that came with a hard lesson for sure. Wisdom comes from experience though, so good you are sharing your lesson with others. Always secure your own funds people! Think of it like the wild west right now, and you should assume every cowboy you see might rob you and leave you for dead.

I also use the nano s and have found it totally adequate for my needs and easy enough to use. I've even trained my wife on how to use in the event of my untimely death, though I suspect she would need some help in that event. Something about how what I say goes in one ear and out the other. I only move the necessary portion into an exchange where I can then trade it.

One last piece I will say about hardware wallets: ensure that you are getting an original, new wallet from the maker. Otherwise, you run the risk of your funds disappearing into the ether.

Yep big fan of the Ledger Nano S myself, I even bought a second to test restoring and keep as a backup unit stored offset (admittedly I'm yet to store it elsewhere....).

Originally their desktop software was extremely wonky and annoying to load up/authenticate individual apps for each coin stored, but since they brought Ledger Live out which pulls it all together it's been great and their phone app is sweet too!

There's no reason to keep considerable amounts stored on an exchange and a hardware wallet is super easy to get started with now.

Sorry to hear your story cryptocrazy. I am learning to hate the crypto brokers and intermediaries. Even the big and reputable ones frustrate me because they have a long way to go to catch up with the brokers in other industries.

...THEN MY WORST FEAR....Bitsane disappeared with my XRP, DOGE and some BTC. Now I had no choice but to start the dauntless research of how to use a hardware wallet...

Ignored

I'm really sorry to hear about your ordeal with them, hopefully it wasn't a too great of a loss.

Hardware wallets are an absolute must! If you don't have absolute and 100% control over your private keys you don't actually own your cryptos! This cannot be said and repeated enough!

I personally am a big fan of the hardware wallet manufacturer Trezor, it's a HD wallet with a small mono screen that scrambles the PIN entry pad every time you log on.

Do absolutely make sure however that you keep a safe copy of your seed phrase. And also, in the same caveat make sure that you use a unique passphrase on top of your standard 24 or 12 word seed phrase which acts as being the additional seed if you will.

With regards to holding any trading capital as collateral at exchanges like on BitMex for instance, a few things to keep in mind and to make sure:

Firstly, only ever deposit on exchanges amounts that you're able to financially absorb should the worst case scenario happen, i.e. a hack for instance. Secondly, and most importantly enable the 2FA login, by either using your mobile phone (i.e. Google's or Microsoft's authentication apps) or at least via SMS login. Holding any substantial amount of collateral at exchanges without additional login authentication would be classified as acting in gross negligence!

Be safe and do take the extra time and bear the relatively small cost it takes to secure your digital assets!